Where must a limited liability partnership maintain its books of account under section 34(1) of the Limited Liability Partnership Act, 2008?
Question and options
Where must a limited liability partnership maintain its books of account under section 34(1) of the Limited Liability Partnership Act, 2008?
At the residence of a designated partner
At any of its offices in India
At the office of its statutory auditor
At its registered office
Answer and explanation
Correct answer: D - At its registered office
Section 34(1) of the Limited Liability Partnership Act, 2008 requires an LLP to maintain its books of account at its registered office for the prescribed period, which rule 24(3) fixes at eight years. The Act does not let the books be kept at any branch, with the auditor or at a partner's home instead.
Practice for these exams
-
UGC NET Law
Subject revision
See pack details on LawMint.net -
CUET PG Law (LL.M.)
Subject revision
-
Uttarakhand Judicial Services
Subject revision
Related exam syllabi
More solved explanations in Limited Liability Partnership Act, 2008
- Which of the following is/are NOT true about limited liability Partnership ? A. It is a body corporate B. It is a legal entity separate from that of its partners…
- Upon the coming into force of the Limited Liability Partnership Act, 2008:
- An LLP carries on business with only one partner, who knows that fact. When does that partner become personally liable for obligations incurred while that…
- Which circumstance is not, by itself, a ground for winding up by the Tribunal under section 64 of the Limited Liability Partnership Act, 2008?
- Limited liability partnership and a partnership firm are the same but just governed by different statutes